Mastercard partners with tonik, Philippines' first digital-only neobank, to accelerate financial inclusion
Mastercard today announced a new partnership agreement with tonik, a two-year-old startup that recently received a bank license in the Philippines. Through this partnership, Mastercard will further enhance tonik’s market proposition by enabling the latter to issue a range of electronic payments products that tap into Mastercard’s global network and extensive business intelligence when tonik launches operationally later this year. Internet penetration in the Philippines is at 67 percent, and one-third of the population is millennials—many of whom are digital natives. However, according to the 2017 Financial Inclusion Survey by Bangko Sentral ng Pilipinas (BSP), over 70 percent of the country’s population is unbanked. At the same time, 60 percent of Filipinos who are either in the formal banking system or can become part of the system, are willing to use offerings that are digitally focused. Achieving financial inclusion by leveraging financial technology has been top on the agenda for
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